Unit 3 Business & Labor

• Supply of Labor offered by workers

• Demand for Labor

• Supply of Jobs offered by busineses

• All of the Above

What is the organization that advances the collective interest of employees and strives to improve working conditions and increase wages?

• Workers' guild

• Labor union

• Employer association

• Trade federation

What is the term used to describe a price floor that prevents employers from paying workers below a specific amount?

• Living wage

• Price ceiling

• Market equilibrium

• Minimum wage

What does the labor market refer to?

• Supply of goods and demand for services

• Supply of labor and demand for labor

• Supply of labor and demand for goods

• Supply of services and demand for labor

If a job is in high demand and has a low supply of applicants, the pay will be ___________

• Higher

• Lower

If a job is in low demand and a has a large supply of applicants, the pay will be ____________.

• Higher

• Lower

Unskilled workers often

• earn the most income

• work the most hours for the lowest wage

• have the most education and training

• need no supervision

If the supply of labor increases and the demand for labor stays the same, we could expect

• wages to increase

• no change in wages

• wages to decrease

When a person has special talents and training their wage is often determined by

• the Traditional Theory of Wages

• the Theory of Negotiated Wages

• the Signaling Theory of Wages

• The Theory of Wages for all involved

Picking fruit requires no skills or training. This type of job falls under the category of...

• unskilled labor

• semi-skilled labor

• skilled labor

• professional labor

Answer explanation

Those who work primarily with their hands because they lack the training and skills required for other tasks make up the category.